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Fortune River Resource Corp.: Fortune River and Christopher James Option Zebra Low-Sulfidation Project Near Midas

^{Published on 2009-09-01 11:43:01 - Market Wire}
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2009) - Fortune River Resource Corp. (TSX VENTURE:FRX)(FRANKFURT:RG7A) reports today that its US subsidiary has signed an option agreement to acquire the Zebra project from a private vendor. The property is located approximately 20 km due west of Newmont's Midas mine and directly north of Yamana/Atna's recent discovery at their Clover project. Fortune River also announces that it has signed a Letter-of-Intent with Christopher James Gold Corp. (TSX VENTURE:CJG) to jointly explore the Zebra project. This will be the third low-sulfidation gold/silver property in Nevada being jointly explored with Christopher James.

After an initial payment of US$15,000 by Christopher James, each company will contribute equally to each earn a 50% interest in the Zebra property, subject to a standard dilution formula should one party decide not to contribute. Fortune River will be project manager initially, continuing as long as mutually agreed. Annual minimum royalties will be due starting on the first anniversary, beginning at US$10,000 and increasing yearly by $10,000 to a maximum of $50,000 annually. Fortune River and Christopher James will be responsible for claim-holding fees unless the property option is terminated by June 1st of each year. The project is subject to an underlying royalty of 3% NSR, of which 1% NSR can be purchased for US$1,000,000 and a second 1% NSR can be purchased for $1,500,000.

President Joe Kizis commented, "Currently reduced interest in exploration-stage properties is allowing us to add to our profolio of high-quality exploration properties under favorable terms. We are particularly interested in those properties that could host low-sulfidation gold/silver deposits because they are often high-grade, making exceptionally profitable mines. Zebra is attractive because of its setting along the Northern Nevada Rift, a major geologic feature in Nevada associated with multi-million ounce, high-grade gold deposits, such as at Newmont's Midas mine, and because it is adjacent to and along strike with Yamana/Atna's Clover property, where they have announced highly encouraging drill intercepts of +30g/t gold."

The Zebra project consists of 85 lode mining claims covering approximately 680 hectares on land managed by the Bureau of Land Management. It lies along the Northern Nevada Rift, host to several low-sulphidation, epithermal gold/silver deposits, including Midas, Clover, Mule Canyon, Fire Creek, and Buckhorn.

The initial program will consist of data compilation, geologic mapping, detailed surface sampling, and geophysics to develop drill targets.

About Fortune River

Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, Buz, and Zebra projects are located in Nevada and the Drayton project is located in Ontario. The Company's Wind Mountain project, a past-producing open-pit/heap-leach operation, contains an estimated 406,000 ounces of gold in the Measured plus Indicated Resource categories (33.7 million tons averaging 0.411g/t Au, using a cutoff grade of 0.257g/t Au), plus an additional 92,000 ounces of gold in the Inferred category (9.8 million tons averaging 0.308g/t Au, using the same cut-off). Ore Reserves Engineering ("O.R.E.") and Donald E. Ranta, consulting geologist, prepared the resource model and compiled the technical report, which is available on SEDAR. Alan C. Noble, P.E. is the Principal Engineer of O.R.E. and is the Qualified Person for the technical report for the purpose of Canadian NI 43-101, Standards of Disclosure for Mineral Projects.

About Christopher James

Christopher James Gold Corp. continues to actively pursue exploration opportunities in Canada, the USA and Mexico and presently has the following exploration-stage gold properties in British Columbia; Big Kidd, Brassie, Worldstock, Portage Lake, Copper Creek and Craigmont projects. This third agreement with Fortune River Resource Corp. is part of CJGC's plan to become more active in both Nevada and Mexico.

Joe Kizis Jr., (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release for Nevada properties.

On behalf of the Board,

Joseph Anthony Kizis, Jr. President,

Fortune River Resource Corp.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy accuracy of this release. We seek safe harbor.